Disposed

Amal Vm v. Federal Bank Ltd.

Kerala HC1 Feb 2023WP(C)/569/2023

Case brief

AI extract

What is this about?

The High Court disposed of a writ petition challenging recovery steps taken by a bank for a defaulted vehicle loan. The court directed the petitioner to pay the overdue sum and handover documents within a week to enable regularisation and continued loan repayment.

What did the court decide?

Directing the petitioner to pay Rs.2,64,000/- and cost within one week, handover documents, and submit an undertaking to regularise the loan account and allow continued EMI payments.

Amal Vm Vs Federal Bank Ltd. — Banking and Recovery | Kerala HC (2023)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT

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THE HONOURABLE MR. JUSTICE T.R.RAVI

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WEDNESDAY, THE 1^ST DAY OF FEBRUARY 2023 / 12TH MAGHA, 1944 WP(C) NO. 569 OF 2023

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PETITIONER:

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AMAL VM AGED 31 YEARS S/O VENUGOPAL M.P PCD HOUSE, VENUGOPAL ESTATE, PURAKKADI , MEENANGADI PO, WAYANAD DISTRICT, PIN – 673 591

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BY ADVS. CHERIAN MATHEW POOTHICOTE GEORGE G.POOTHICOTE AJITH VILLY GEORGE

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RESPONDENT:

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FEDERAL BANK LTD, REPRESENTED BY ITS AUTHORISED OFFICER MURALEEDHARAN MR, S/O RAGHVAN NAIR ASSITANT VICE PRESIDENT , AND BRANCH HEAD , NO. 806(6) KALPETTA ARCADE, MAIN ROAD, NEW BUSTAND, KALPETTA WAYANAD , PIN – 673 121

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BY ADVS. SRI.V.JAYAPRADEEP, SC, FEDERAL BANK Mohan Jacob George P.V.PARVATHY (P-41)(K/000036/1991) REENA THOMAS(R-364) NIGI GEORGE(K/1169/2012)

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SRI. MOHAN JACOB GEORGE, SC.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01.02.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO. 569 OF 2023

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T.R.RAVI, J.

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 WP (C) No.569 of 2023

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 Dated this the 01stday of February, 2023

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JUDGMENT

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The petitioner has availed of a vehicle loan and has
defaulted in payment. The Bank has initiated steps for
recovery. The petitioner challenges the same and seeks for
regularisation on payment of the overdue amounts.

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2. The Standing Counsel appearing for the respondent
submits that this is the fourth time that the petitioner has
defaulted payments. On three occasions, the Bank had to rush
after him to get the amounts. It is submitted that as on date the
amount overdue is Rs.2,64,000/- and cost, and the total
outstanding comes to Rs.10,86,300/-. It is submitted that the
Bank is willing to consider regularisation, if the petitioner pays
off the entire overdue amount and cost within one week from
today and handover the original registration certificate of the
vehicle and the insurance documents and submits an
undertaking to produce the vehicle as and when demanded and
continues to pay the equated monthly instalments. The
submission of the Standing Counsel is justified.

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WP(C) NO. 569 OF 2023

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3. In the above circumstances, this writ petition is

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disposed of directing the petitioner to pay a sum of
Rs.2,64,000/- and cost within one week from today. The
petitioner shall handover the original registration and the
insurance papers before the Bank and give an undertaking to
the Bank to produce the vehicle as and when demanded. On
production of the documents and submission of the
undertaking, the respondent shall regularise the loan account.
The petitioner shall continue to pay the equated monthly
instalments and if any single default is made, the respondent
Bank will be at liberty to continue with recovery proceedings
without further notice.

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Sd/-

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T.R.RAVI

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JUDGE

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sn

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WP(C) NO. 569 OF 2023

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APPENDIX OF WP(C) 569/2023

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PETITIONER'S EXHIBITS

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Exhibit P1 A TRUE COPY OF THE STATEMENT OF THE PETITIONER

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Exhibit P2 A TRUE COPY OF NOTICE ISSUED BY THE RESPONDENT BANK DATED 5 /1/2022

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RESPONDENT'S EXHIBITS : NIL

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//TRUE COPY// PA TO JUDGE

Amal Vm v. Federal Bank Ltd.

Case brief

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Amal Vm v. Federal Bank Ltd.

Case brief

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